New York-based Empire State Realty Trust (ESRT) recently announced the execution of a new retail space lease at its 501 7th Ave. property in Midtown Manhattan.

Specifically, specialty coffee company Le Café Coffee has agreed to a 731-square-foot retail space at the property in what is the retailer’s second lease with ESRT. Yoel Gorjian offered tenant representation during the lease negotiations, while Fred C. Posniak of ESRT represented the owner. No further transaction details were included in the announcement.

Other retail tenants in the building include Chipotle and Potbelly Sandwich Works, while companies such as Captivate, Carolina Herrera Ltd. and PVH Corp. populate the office tenant roster.

“Quality retail service tenants continue to be attracted to our retail stores located in bustling neighborhoods with high-volume foot traffic where their businesses thrive,” said Posniak, senior vice president of leasing at ESRT. “We are pleased to nurture established retail relationships as we continue to build our roster of high-quality retailers who also provide great amenities for our office tenants.”

Located in the Garment District neighborhood, 501 7th Ave. rises 18 stories and incorporates roughly 16,000 square feet of premium Midtown Manhattan retail space, in addition to nearly 480,000 square feet of modern office space. The property was completed in 1923 and underwent significant renovations in 2006. More recent upgrades include a fully renovated lobby; new elevators; new windows; and renovated and air-conditioned public corridors and restrooms, as well as upgraded building-wide systems, including state-of-the-art security, electrical, plumbing and HVAC.

According to CommercialEdge data, ESRT paid nearly $22 million for the remaining 79.531% ownership stake in the property in 2013 — roughly $55.66 per square foot. The latest CommercialEdge national office report found that, in 2021, the average sale price for Manhattan office space was $1,253 per square foot, while full-service equivalent listing rates for office space for lease in December averaged $76.45 per square foot across all Manhattan submarkets.

501 Seventh Avenue in the Garment District neighborhood of Midtown Manhattan. (property image courtesy of CommercialEdge)